Group Health Insurance

Should employers select Group medical insurance company on the basis of premium?Know what should be your utmost priority while selecting the group medical insurance company.

Should you select Group Mediclaim based on premium?

For every employer, it is important to have comprehensive employee health insurance to cover their employees in the event of medical emergencies. Offering a good group medical insurance plan to your employees can give them a sense of security and help you retain the best talent and strengthen their motivation to drive your business towards heights of success. 

The group health insurance coverage can also be extended to the family members of employees. As an employer, you can get tax benefits on the amount of premium paid towards the group medical insurance policy. Various corporate health insurance companies are offering customizable health insurance plans depending on your requirement.

Group health insurance covers the group of employees, in which the premium is usually borne by the employer. Group health insurance is an essential cost to the employer. Hence, an employer needs to consider the cost or premium of a health plan while availing the cover for their employees. So should you select Group Mediclaim based on premium? No, the premium is not the only factor to consider. An employer must choose the corporate health insurance companies based on the other factors too. Following are the factors to be considered while buying group medical insurance:

  1. Policy benefits and features

Group health insurance plans offer a variety of benefits and features such as hospitalization cover, pre and post hospitalization cover, coverage for pre-existing illness without any waiting period, maternity cover, new-born baby cover, AYUSH treatment cover and daycare procedures, daily cash allowance, and critical illness as an add-on cover. 

Along with that many corporate health insurance companies offer free health check-ups regularly and many such valuable features. It allows you to customize the benefits as per your requirement. You can customize the group medical insurance cover based on your employees’ requirement, their overall health, and also based on what your competition is offering to their employees. 

Based on your customization, corporate health insurance companies charge the premium. The best thing is to do a comparison shopping wherein you can compare the benefits and costs of policy and then make a rational decision.

  1. Network hospitals

The Hospital network of insurance companies needs to be considered while buying group health insurance. Companies with a wider hospital network including the most preferred hospitals of your employees in their list can be a good match for you.

  1. Claim settlement process

The prime purpose of providing medical insurance coverage to your employees is to secure them and to provide financial service when there is a medical emergency without any hassles. Hence, it is important to choose the corporate health insurance companies with a simple claim settlement process and the ones that offer the best quality services and cashless facilities at the time of claim.

  1. Claims settlement ratio

The claim settlement capacity of corporate health insurance companies can be known by their incurred claims ratio. Hence, it is good to go with the insurer having a higher incurred claims settlement ratio for the smooth settlement of claims. 

  1. Premium

Cost is also an important consideration along with all the other factors while availing a group health insurance plan. You can use a group medical insurance premium calculator to know the quotes of the health insurance company based on your coverage requirement. 

Employers should take into consideration policy benefits, features, service benefits, exclusions, hospital network, and claim settlement ratio along with premium while choosing the group health insurance policy.

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For every employer, it is important to have comprehensive employee health insurance to cover their employees in the event of medical emergencies. Offering a good group medical insurance plan to your employees can give them a sense of security and help you retain the best talent and strengthen their motivation to drive your business towards heights of success. 

The group health insurance coverage can also be extended to the family members of employees. As an employer, you can get tax benefits on the amount of premium paid towards the group medical insurance policy. Various corporate health insurance companies are offering customizable health insurance plans depending on your requirement.

Group health insurance covers the group of employees, in which the premium is usually borne by the employer. Group health insurance is an essential cost to the employer. Hence, an employer needs to consider the cost or premium of a health plan while availing the cover for their employees. However, the premium is not the only factor to consider. An employer must choose the corporate health insurance companies based on the other factors too. Following are the factors to be considered while buying group medical insurance:

  1. Policy benefits and features

Group health insurance plans offer a variety of benefits and features such as hospitalization cover, pre and post hospitalization cover, coverage for pre-existing illness without any waiting period, maternity cover, new-born baby cover, AYUSH treatment cover and daycare procedures, daily cash allowance, and critical illness as an add-on cover. 

Along with that many corporate health insurance companies offer free health check-ups regularly and many such valuable features. It allows you to customize the benefits as per your requirement. You can customize the group medical insurance cover based on your employees’ requirement, their overall health, and also based on what your competition is offering to their employees. 

Based on your customization, corporate health insurance companies charge the premium. The best thing is to do a comparison shopping wherein you can compare the benefits and costs of policy and then make a rational decision.

  1. Network hospitals

The Hospital network of insurance companies needs to be considered while buying group health insurance. Companies with a wider hospital network including the most preferred hospitals of your employees in their list can be a good match for you.

  1. Claim settlement process

The prime purpose of providing medical insurance coverage to your employees is to secure them and to provide financial service when there is a medical emergency without any hassles. Hence, it is important to choose the corporate health insurance companies with a simple claim settlement process and the ones that offer the best quality services and cashless facilities at the time of claim.

  1. Claims settlement ratio

The claim settlement capacity of corporate health insurance companies can be known by their incurred claims ratio. Hence, it is good to go with the insurer having a higher incurred claims settlement ratio for the smooth settlement of claims. 

  1. Premium

Cost is also an important consideration along with all the other factors while availing a group health insurance plan. You can use a group medical insurance premium calculator to know the quotes of the health insurance company based on your coverage requirement. 

So should you select Group Mediclaim based on premium?

No, employers should take into consideration policy benefits, features, service benefits, exclusions, hospital network, and claim settlement ratio along with premium while choosing the group health insurance policy. 

For more details click on https://www.securenow.in/ ohttps://www.linkedin.com/showcase/health-insurance-group-/


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